In 2019, for the second year in a row Vietnam’s economy has exceeded all 12 socio-economic criteria set by the National Assembly. Macroeconomic stability has been sustained; major economic balances have been improved; annual GDP growth is expected to reach 6.8%; and inflation has been kept below 3%.
Vu Hong Thanh, Chairman of the National Assembly’s Economic Committee, said, “The economy has been restructured. Labor productivity continues to improve. Vietnam’s major industries have seen stable growth. Industrial production has been strong, particularly processing and manufacturing.
Agriculture has expanded with the fishery and forestry sectors posting especially strong results. The production of livestock has been stable. The service sector has increased its share of national economic growth. Vietnam continues to be an attractive destination for tourists. Trade has seen increased exports and Vietnam has enjoyed a trade surplus for the fourth consecutive year.”
Monetary policy has been effective, stabilizing the foreign currency market and exchange rates, while foreign reserves have continued to grow. The national credit rating has improved.
In 2019, total social investment capital was about 33.8% of GDP. The private economic sector increased its investment proportion to more than 45% of GDP.
Economic growth has been a result of the Government’s management of major and long-term issues, improving the business and investment environment, removing barriers to development, and encouraging innovation in the context of Industry 4.0.
The Government has clearly defined the key tasks: maintaining macroeconomic stability, controlling inflation, removing bottlenecks for production and trade, reviewing and simplifying administrative procedures to create favorable conditions for people and businesses.
Great importance has been attached to science, technology, and innovation as the foundations of improved productivity, quality, and competitiveness.
PM Nguyen Xuan Phuc said, “It is essential to review and perfect mechanisms and policies, put forth orientations and solutions to drive the development of key sectors of the national economy.
Many localities have proactively organized forums and conferences to promote investment, trade, tourism and services, identify and remove difficulties and hurdles, tap potentials, advantages and new effective models to boost socio-economic development.”
In 2019, Vietnam has continued to set an outstanding example. The national economy is ranked 8th best for investment, up 15 places from last year. The World Economic Forum said Vietnam’s competitiveness has remarkably improved in institutions, infrastructure, and skills. It ranks 67th of 141 countries and territories, up 10 places this year.
PM Nguyen Xuan Phuc said that next year the country will continue to stabilize its macroeconomy and will target GDP growth of 6.8% and overall export turnover growth of 7%.
“Vietnam should perfect a socialist-oriented market economy and create optimal conditions for socio-economic development. It’s important to improve the business environment, and enhance competitiveness to become a leading ASEAN country, and raise the nation’s international ranking indicators.
It is necessary to maintain macroeconomic stability as a firm foundation for rapid and sustainable development. Monetary policies should be flexible and prudent and closely coordinated with fiscal and other policies. It’s also necessary to step up the restructuring of the economy and the effective use of resources to create breakthroughs to develop a digital economy,” the cabinet leader said.
The Vietnamese Government is determined to create a favorable environment for business, encourage startups, develop the private economic sector, and support the collective economy and small and medium-sized enterprises (SMEs), he added.
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